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Capital market progress disappointing: Fitch: “It is more than 10 years since we talked about an accelerated capital market master plan. I did work on that in 2007. We have really not even moved an inch. It is disappointing to see the progress of our capital market in Sri Lanka. I think we have to blame ourselves,” he said.

From a rating perspective, Wickremasinghe said the number of corporates, bank and non-bank as well as insurance, was almost static at present.

Noting that the Asian Development Bank (ADB) has allocated $ 250 million for a capital market development program, he said: “Of course they have some caveats but it is really up to us to move this process forward.”�

He highlighted that if not for the capital market in a country, there is no necessity for a rating agency.�

Acknowledging that there is serious concern regarding Sri Lanka’s policies, Wickremasinghe questioned the need to announce tax proposals which cannot be implemented.